2012-105 Council Resolution - Laserfiche WebLink

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• Account of the Debt Service Fund created herein for the Bonds. 4.05. Pledge of Taxes. For the purpose of paying the principal of and interest on the Interchange Portion of the Bonds, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, to be spread upon the tax rolls and collected with and as part of other general taxes of the City. The Taxes will be credited to the Interchange Improvements Account in the Debt Service Fund above provided and is in the years and amounts attached hereto as Exhibit C. 4.06. Debt Service Coverage. (a) It is determined that the estimated collection of the foregoing Taxes heretofore pledged will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Interchange Portion of the Bonds. The tax levy herein provided will be irrepealable until all of the Interchange Portion of the Bonds are paid, provided that at the time the City makes its annual tax levies the City Finance Director may certify to the Manager of Property Records and Taxation of Anoka County the amount available in the Interchange Improvements Account of the Debt Service Fund to pay principal and interest due with respect to the Interchange Portion of the Bonds during the ensuing year, and the County Manager of Property Records and Taxation of Anoka County will thereupon reduce the levy collectible during such year by the amount so certified. (b) It is determined that the estimated collection of the Assessments heretofore pledged will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Refunding Portion of the Bonds, and therefore no tax levy is currently required with respect to that portion of the Bonds. 4.07. Registration of Resolution. The City Administrator is authorized and directed to file a certified copy of this resolution with the Manager of Property Records and Taxation of Anoka County and to obtain the certificate required by Minnesota Statutes, Section 475.63. Section 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01. Purpose of Refunding. The Refunded Bonds are the General Obligation Improvement and Refunding Bonds, Series 2003A, of the City, dated December 1, 2003, of which $425,000 in principal amount is callable on February 1, 2013. It is hereby found and determined that based upon information presently available from the City's financial advisers, the issuance of the Bonds is consistent with covenants made with the holders of the Refunded Bonds and is necessary and desirable for the reduction of debt service cost to the municipality. 5.02. Application of Proceeds of Refunding Portion of Bonds. It is hereby found and determined that the proceeds of the Refunding Portion of the Bonds deposited in the Refunding Fund will be sufficient to prepay all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 5.03. Redemption; Date of Redemption; Notice of Call for Redemption. The Refunded Bonds maturing on February 1, 2014 and thereafter will be redeemed and prepaid on February 1, 2013. The Refunded Bonds will be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the forms of Notice of Call for Redemption attached hereto as Exhibit D which terms and conditions are hereby approved and incorporated herein by reference. The Registrar for the Refunded Bonds is authorized and directed to send a copy of the Notice of Redemption to each registered holder of the Refunded Bonds. Section 6. Authentication of Transcript. 412159v2 SJB LN140 -108 8